Two American oil firms far from signing in Venezuela
The following analysis is about the dilemma whether Exxon Mobil Corp and ConocoPhilips will sign and abide by the conditions demanded by the Venezuelan government. Other major companies like BP, Total, and Chevron agreed to cede control by Petroleos de Venezuela, which is the government owned company. The major concern for the United States is not the loss of oil revenues, but whether other countries that have government control over oil productions like China and Iran may look to invest in the region.
There were several newspapers that covered the development of this story. The Pioneer Press had a short summary of the denial of the companies wanting to agree to the conditions forced by President Hugo Chavez. The Star Tribune had almost the same summary that stated that Chavez wants to boost his economic power over the region through oil revenues.
The New York times had a much longer article on the story and had extensive background and explored the possibilities and implications on the situation with oil revenues. The countries that may be involved in the deal if the U.S does not invest in Venezuela. In addition, the article explores the economic atmosphere for Venezuela and in general what are the pros and cons of joining the oil operations in the country of Venezuela.